The Dogecoin Twitter account told the CEO of AMC Giant that Elon Musk and Mark Cuban could confirm DOGE’s influence. The DOGE Twitter account is trying to persuade the AMC CEO to accept Dogecoin at the cinema chain, citing Elon Musk and Mark Cuban. Detail cryptocoin.com‘in.
Adoption efforts of the DOGE team
Dogecoin’s Twitter account addressed Adam Aron, CEO of the AMC movie theater chain, who is considering starting to accept DOGE for online purchases. Now it’s running a Twitter poll to find out what the community thinks. AMC plans to start accepting Bitcoin, Ethereum, Litecoin and Bitcoin Cash by the end of the year. The survey was opened as the DOGE community also demanded that their coins be accepted. In the tweet, the person behind the Dogecoin account with 2.1 million followers recommended that Aron speak to billionaires Elon Musk and Mark Cuban, who are also big Dogecoin supporters.
Elon Musk gave the poll a like on Twitter. Dogecoin co-founder Billy Markus tweeted to encourage the token’s army to participate in the AMC Doge poll as much as possible by voting and liking.
Dogecoin bears take control?
On the other hand, according to analyst Sarah Tran, Dogecoin price is threatened with a 20% sell-off as DOGE bears take control. Dogecoin price continues to drop further as the bulls refuse to retaliate against the bears. According to analyst Sarah Tran, the meme token could eventually face the shock of a 20% drop to $0.16. According to Tran, Dogecoin price seems poised for another drop as buyers are nowhere to be found. The prevailing chart pattern shows that the DOGE drop is not over yet as the bears target $0.16.
Dogecoin price has dropped by about 20% since September 18. However, the correction isn’t over yet as buyers don’t seem to be taking steps to raise prices. On the daily chart, Dogecoin price presented a bearish pennant technical pattern, signaling a pessimistic outlook for DOGE. According to analyst Sarah Tran, measuring the flagpole of the chart pattern, the meme token is expected to drop by 33% from breaking the lower border of the pennant. While the bears may have initiated a takeover, Dogecoin price was fortunate enough to be supported by the 78.6% Fibonacci retracement level at $0.20, which is located near the support line given by the Momentum Reversal Indicator (MRI).
More support is possible at $0.18, June 23 and July 15 lows, before falling to the bearish target of $0.16, according to analyst Sarah Tran. The TRIN index, which measures general market sentiment, adds confidence to the pessimistic outlook. If the indicator is flashing above 1.0, it is a bearish signal that there is more selling volume than buying volume.
However, according to analyst Sarah Tran, if the bulls wake up and attempt a recovery, Dogecoin price will face the next resistance at $0.21 before attempting to tag the 61.8% Fibonacci retracement level at $0.23. A spike in buy orders may encourage DOGE to target the technical pattern’s downtrend line at $0.24, which coincides with the 100-day Simple Moving Average (SMA). Additional buying pressure will allow Dogecoin price to reach the 200-day SMA at $0.25, according to analyst Sarah Tran. However, as the overall crypto market continues to decline further in light of financial market sentiment following the Chinese Evergrande crisis, only a major commitment from the bulls could see Dogecoin price reverse its underperforming period in the near term.
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